Innovative Industrial Properties, Inc. (IIPR) Income Statement
IIPR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsIIPR revenue and net income
Where IIPR's revenue goes
2025Each bar shows an amount and its share of revenue. IIPR kept 43.0% of revenue as net income.
IIPR profit margins
IIPR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −13.8% | −1.3% | +17.9% | +47.0% |
| Gross profit | −15.8% | −3.9% | +16.1% | +45.3% |
| Operating income | −26.3% | −9.9% | +12.2% | +37.9% |
| Net income | −29.2% | −9.5% | +11.7% | +36.8% |
| EPS (diluted) | −29.1% | −10.1% | +4.0% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
IIPR quarterly EPS vs estimates
Innovative Industrial beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 2, 2026 (estimate $1.73).
IIPR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $266.0M | $308.5M | $309.5M | $276.4M | $204.6M | $116.9M | $44.7M | $14.8M | $6.4M | $321,000 |
| Cost of revenue | $30.2M | $28.5M | $24.9M | $10.5M | $4.4M | $5.0M | $1.3M | $445,000 | $118,000 | $87,000 |
| Gross profit | $235.8M | $280.0M | $284.6M | $265.8M | $200.1M | $111.9M | $43.4M | $14.3M | $6.3M | $234,000 |
| Research & development | — | — | $1 | $1 | $1 | $1 | $1 | $0 | $0 | $14 |
| Sales, general & admin | $33.7M | $37.4M | $43.3M | $38.5M | $23.0M | $14.2M | $9.8M | $6.4M | $5.5M | $828,000 |
| Total operating expenses | $111.7M | $111.7M | $110.0M | $96.2M | $64.7M | $42.2M | $18.4M | $9.0M | $6.4M | $919,000 |
| Operating income | $124.1M | $168.3M | $174.6M | $169.6M | $135.4M | $69.7M | $24.9M | $5.3M | −$223,000 | −$4.4M |
| Interest income | $14.3M | $11.0M | $8.4M | $3.2M | $397,000 | $3.4M | $4.8M | $1.6M | $151,000 | — |
| Interest expense | $20.2M | $16.3M | $16.1M | $18.3M | $18.1M | $7.4M | $6.3M | $1.6M | $151,000 | $0 |
| Income before taxes | $114.4M | $161.7M | $165.6M | $154.4M | $114.0M | $65.7M | $23.5M | $7.0M | −$72,000 | −$4.4M |
| Income taxes | — | −$1.8M | $1.5M | −$3.5M | $18.1M | $7.4M | $6.3M | −$3.3M | −$76,000 | $7.4M |
| Net income | $114.4M | $161.7M | $165.6M | $154.4M | $114.0M | $65.7M | $23.5M | $7.0M | −$72,000 | −$4.4M |
| EBITDA | $208.7M | $248.7M | $248.9M | $232.6M | $172.1M | $100.2M | $37.6M | $9.6M | $692,000 | −$658,000 |
| EPS (diluted) | $3.92 | $5.53 | $5.77 | $5.39 | $4.56 | $3.22 | $1.96 | $0.71 | −$0.15 | −$2.80 |
| Gross margin | 88.7% | 90.8% | 92.0% | 96.2% | 97.8% | 95.8% | 97.1% | 97.0% | 98.2% | 72.9% |
| Operating margin | 46.7% | 54.6% | 56.4% | 61.4% | 66.2% | 59.7% | 55.8% | 36.1% | −3.5% | −1,368.2% |
| Net margin | 43.0% | 52.4% | 53.5% | 55.9% | 55.7% | 56.2% | 52.6% | 47.2% | −1.1% | −1,368.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63.3M | $69.0M | $66.7M | $64.7M | $62.9M | $71.7M | $76.7M | $76.5M | $79.8M | $75.5M | $79.2M | $77.8M |
| Cost of revenue | $7.2M | $44.7M | $45.1M | $8.0M | $6.9M | $7.4M | $7.6M | $7.3M | $6.9M | $6.7M | $7.2M | $6.3M |
| Gross profit | $56.1M | $24.3M | $21.6M | $56.7M | $56.0M | $64.3M | $69.1M | $69.2M | $72.9M | $68.7M | $72.0M | $71.5M |
| Sales, general & admin | $7.7M | $10.3M | $8.0M | $8.7M | $8.6M | $8.5M | $8.9M | $9.3M | $9.8M | $9.6M | $10.9M | $11.0M |
| Total operating expenses | $14.7M | −$8.2M | −$10.6M | $27.3M | $27.1M | $30.4M | $27.1M | $27.3M | $30.6M | $26.7M | $28.0M | $27.7M |
| Operating income | $41.4M | $32.5M | $32.2M | $29.4M | $28.9M | $34.0M | $42.0M | $42.0M | $42.3M | $42.0M | $44.0M | $43.8M |
| Interest income | $10.8M | $6.3M | $6.7M | $4.4M | $1.6M | $1.6M | $2.6M | $2.7M | $4.0M | $1.8M | $1.8M | $2.1M |
| Interest expense | $8.3M | $6.4M | $6.7M | $4.5M | $4.4M | $4.5M | $3.1M | $4.4M | $4.3M | $4.4M | $2.8M | $4.3M |
| Income before taxes | $43.9M | $32.8M | $31.8M | $29.3M | $26.0M | $31.1M | $40.0M | $40.2M | $42.0M | $39.4M | $41.6M | $41.6M |
| Income taxes | — | — | — | — | — | — | −$1.1M | — | $570,000 | $544,000 | −$3.7M | $1.7M |
| Net income | $43.9M | $32.8M | $31.8M | $29.3M | $26.0M | $31.1M | $40.0M | $40.2M | $42.0M | $39.4M | $41.6M | $41.6M |
| EBITDA | $71.0M | $57.8M | $57.1M | $52.5M | $49.0M | $54.0M | $61.4M | $62.6M | $63.8M | $61.0M | $61.5M | $62.6M |
| EPS (diluted) | $1.83 | $1.04 | $1.06 | $0.97 | $0.86 | $1.03 | $1.36 | $1.37 | $1.44 | $1.36 | $1.45 | $1.45 |
| Gross margin | 88.6% | 35.1% | 32.4% | 87.7% | 89.1% | 89.7% | 90.1% | 90.5% | 91.4% | 91.1% | 90.9% | 91.9% |
| Operating margin | 65.5% | 47.1% | 48.3% | 45.5% | 45.9% | 47.4% | 54.7% | 54.8% | 53.1% | 55.7% | 55.5% | 56.3% |
| Net margin | 69.3% | 47.6% | 47.8% | 45.3% | 41.4% | 43.3% | 52.2% | 52.6% | 52.6% | 52.3% | 52.6% | 53.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in IIPR's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
IIPR financial results
In fiscal year 2025 (ended December 31, 2025), Innovative Industrial reported revenue of $266.0 million, down 13.8% from the year before. It had net income of $114.4 million (down 29.2%), a net profit margin of 43.0%. Diluted earnings per share came to $3.92. Over five years revenue grew at an average rate of 17.9% a year.
See the IIPR stock overview for the latest quote and news, or the IIPR chart for price history and technical indicators.
IIPR income statement FAQ
What is Innovative Industrial's annual revenue?
Innovative Industrial reported total revenue of $266.0 million for fiscal year 2025, which ended on December 31, 2025. That was down 13.8% from $308.5 million the previous year.
Is Innovative Industrial profitable?
Yes. Innovative Industrial reported net income of $114.4 million in fiscal 2025, a net profit margin of 43.0%; its operating margin was 46.7%.
What is Innovative Industrial's gross margin?
Innovative Industrial's gross margin was 88.7% in fiscal 2025: for every $100 of revenue, Innovative Industrial kept $89 after the direct cost of its products and services.
How fast is Innovative Industrial growing?
Revenue grew 17.9% a year on average over the last five fiscal years, from $116.9 million to $266.0 million.
What are Innovative Industrial's earnings per share?
Innovative Industrial earned $3.92 per diluted share in fiscal 2025, compared with $5.53 a year earlier.
When will Innovative Industrial report its next earnings?
Innovative Industrial is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Innovative Industrial's fiscal year end?
Innovative Industrial's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.